empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

23.07.202005:43 Forex Analysis & Reviews: Forecast for EUR/USD on July 23, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD

The euro rose by 42 points on Wednesday, marking the upper shadow of exactly 50% of the movement from February 2018 to March 2020. On the technical side, this growth increased the probability of a divergence with the Marlin oscillator. The resulting divergence line becomes less steep. After consolidating the price at 1.1560, we are waiting for the price at the important level of 1.1420, passing through the June 10 high.

Exchange Rates 23.07.2020 analysis

The hot news about the European recovery fund worth 750 billion euros is already cooling, since the bulk remains within the core of the eurozone, their distribution is not fair among the countries affected by the epidemic, and grants will be distributed for several more years. And a new hot news came on the scene – the US is closing, or rather, ordered China to close their consulate in Houston, which further increases the tension between the countries and, accordingly, reduces the desire of investors to buy risky currencies.

Exchange Rates 23.07.2020 analysis

The signal line of the Marlin oscillator turned from the overbought zone on the four-hour chart. A more definite signal for a reversal will occur when the price goes under the MACD line, approximately under the 1.1490 level, to which this line tends.

Summary: an advice to close long positions and wait for conditions confirming the reversal to form.

Laurie Bailey
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off